TORONTO,
July 15, 2011 /PRNewswire/ - Alange
Energy Corp. (TSX-V: ALE), is pleased to announce the consolidation
of its issued and outstanding common shares on a one-for-seven
basis as authorized by its shareholders at the Company's annual and
special meeting of shareholders held on June
15, 2011. The consolidation is being effected to reduce
volatility in the stock and to make it more attractive to
institutional investors.
The Company will also be consolidating its
issued and outstanding listed warrants (TSX-V: ALE.WT) on a
one-for-seven basis, with the result that each consolidated warrant
will now entitle the holder to acquire one common share in the
capital of the Company at an exercise price equal to seven times
its original exercise price, or $3.50.
Commencing at opening of trading on Tuesday, July 19, 2011, the common shares in the
capital of the Company and listed warrants will trade on a
post-consolidation basis on the TSX Venture Exchange.
In conjunction with the consolidation and on the
same date, the Company will be changing its name to PetroMagdalena
Energy Corp., and the post-consolidation common shares and warrants
will trade under the new name and corresponding new trading
symbols, "PMD" and "PMD.WT", respectively.
The following table summarizes the Company's
capital structure following the consolidation of its common shares
and warrants (all dollar amounts expressed in Canadian
dollars):
Table 1 - PetroMagdalena Energy Corp. capital
structure (post-consolidation and name change)
Common Shares |
142,290,312 (TSX-V: PMD) |
Stock Options |
- 3,471,429 stock options vested and exerciseable at $3.045 per
share expiring on August 12, 2014
- 248,571 stock options vested and exerciseable at $3.08 per
share expiring on December 11, 2014
- 71,429 stock options vested and exerciseable at $3.045 per
share expiring on June 23, 2015
- 417,857 stock options vested and exerciseable at $3.045 per
share expiring on September 27, 2015
- 5,195,000 stock options vested and exerciseable at $2.10 per
share expiring on May 9, 2016
- 128,571 stock options vested and exerciseable at $2.10 per
share expiring on June 15, 2016
- 45,238 stock options vested and exerciseable at $3.57 per share
expiring on February 27, 2019
|
Warrants |
- 16,334,786 listed common share purchase warrants (TSX-V:
PMD.WT). Each warrant entitles the holder to purchase one common
share at $3.50 per warrant until February 22, 2016.
- 1,330,714 unlisted common share purchase warrants. Each warrant
entitles the holder to purchase one common share at $3.50 per
warrant until February 22, 2016. These warrants are anticipated to
be listed for trading in September 2011, subject to regulatory
approval.
|
Senior Secured Notes |
31,050 unlisted senior secured notes. These senior
secured notes are anticipated to be listed for trading in September
2011, subject to regulatory approval. |
No fractional shares or warrants will be issued
if, as a result of the consolidation, a registered shareholder
would otherwise become entitled to a fractional common share or
warrant by virtue of holding common shares or warrants that are not
in a multiple of seven. Any fractional shares or warrants
resulting from the consolidation will be converted by the Company
into whole shares or warrants on the basis that each fractional
share or warrant that is less than half of a share or warrant will
be cancelled and each fractional share or warrant that is at least
half of a share or warrant will be changed to one whole common
share or warrant.
About Alange Energy Corp.
Alange Energy is a Canadian-based oil and gas
exploration and production company, with working interests in 19
properties in five basins in Colombia. Further information can be obtained
by visiting our website at www.alangeenergy.com.
All monetary amounts in Canadian dollars unless otherwise
stated. This news release contains certain "forward-looking
statements" and "forward-looking information" under applicable
Canadian securities laws concerning the business, operations and
financial performance and condition of Alange Energy.
Forward-looking statements and forward-looking information include,
but are not limited to, statements with respect to the listing of
the Warrants on the TSX Venture Exchange and the intended use of
the net proceeds from the Offering.
Except for statements of historical fact
relating to the Company, certain information contained herein
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate," "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are based on a number of assumptions and subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of Alange Energy and there is no assurance they will prove
to be correct. Factors that could cause actual results to vary
materially from results anticipated by such forward-looking
statements include changes in market conditions, risks relating to
international operations, fluctuating oil and gas prices and
currency exchange rates, changes in project parameters, the
possibility of project cost overruns or unanticipated costs and
expenses, labour disputes, other risks of the oil and gas industry,
failure of plant, equipment or processes to operate as anticipated;
the ability of Alange Energy to obtain qualified staff, equipment
and services in a timely and cost efficient manner to develop its
business; the ability to replace and expand oil and natural gas
reserves through acquisition, development of exploration; the
timing and costs of drilling, completion, pipeline, storage and
facility construction and expansion; the regulatory framework
regarding royalties, taxes and environmental matters; the ability
of Alange Energy to successfully market its oil and natural gas
products and completion of the review of internal controls and
procedures, management systems and corporate governance practices.
Although Alange Energy has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Alange Energy
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned that the foregoing lists of risks, uncertainties,
assumptions and other factors are not exhaustive. The
reader should not place undue reliance on forward-looking
statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE Alange Energy Corp.